Risk-Averse Banks Wary Of Weak Enforcement In Remittance Sector

Two global financial watchdogs have called on national regulators to strengthen oversight of the remittance sector, warning that a “complete absence” of supervision in many regions is driving banks to continue de-risking.

The Financial Stability Board (FSB), an international body chaired by Bank of England governor Mark Carney, submitted two reports on de-risking to the G20 group of world leaders ahead of this week’s summit in Buenos Aires — one focused on correspondent banking and one on remittances.

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